Innovative Eyewear, Inc. Announces New Patent Filings and Receipt of Notices of Allowance on Smart Safety Eyewear

Rhea-AI Summary

Innovative Eyewear, Inc. announces the filing of two new United States patent applications and receipt of notices of allowance on three smart eyewear design patent applications. The company is developing Lucyd Armor smart safety glasses to meet the needs of industrial and medical safety glass users. The product is expected to be introduced in mid-2024 and aims to provide a cutting-edge hands-free communication experience in various work environments.

MIAMI, April 24, 2024 /PRNewswire/ -- Innovative Eyewear, Inc. ("Innovative Eyewear" or "the Company") (NASDAQ: LUCY) (NASDAQ-CM: LUCYW), the developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, today announced the filing of two new United States patent applications, a utility application, No. 18/605,092, entitled  SMART EYEWEAR HAVING ACCESSIBLE TACTILE CONTROLS and a design application, No. 29/930,655, entitled SAFETY EYEWEAR. Innovative Eyewear also announces receipt of notices of allowance on three smart eyewear design patent applications (patent application Nos. 29/806,204, 29/806/207, 29/806/209) and expects design patents to issue from these three allowed applications after payment of issue fees.  

The two new patent applications are directed to the Company's new Lucyd Armor smart safety glasses product, planned to be introduced in mid-2024 in response to initial demand from potential customers. The new utility patent application is directed to functional aspects of product, while the new design patent application is directed to the ornamental design of the product. The Company developed Lucyd Armor to meet perceived needs of industrial and medical safety glass users.

"Lucyd Armor smart safety glasses are a unique product that we are thrilled to bring to the personal protective equipment market," said Innovative Eyewear CEO Harrison Gross. "The culmination of rigorous in-house R&D, we believe these products will deliver a cutting-edge experience to safety glass users around the world, making it easier than ever to communicate handsfree in various work environments.

"We are commencing testing to ensure our smart safety eyewear meets OSHA standards and expect to have the glasses available to consumers in the coming months. In addition to our direct to consumer channels such as Amazon and BestBuy.com, we look forward to launching Lucyd Armor in hardware and home improvement stores, developing an entirely new vertical for the company."

Safety glasses represent an important segment of both the PPE (personal protective equipment) and eyewear markets, with an approximate $3bn global market, expected to grow to $4.18bn by 2030.¹ Safety glasses are required equipment for a multitude of professions, from construction sites and warehouses to operating rooms and research facilities around the globe. By combining the safety features of this class of eyewear with Innovative Eyewear's open-ear communication and AI features, the Company believes the product will make it easier and safer than ever for teams to collaborate in a variety of work environments. To support team communications, Innovative Eyewear's free Vyrb app for iOS and Android provides verbal VOIP chatrooms for up to 100 participants at a time.

About Innovative Eyewear, Inc.

Innovative Eyewear is a developer of cutting-edge ChatGPT enabled smart eyewear, under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands. True to our mission to Upgrade Your Eyewear®, our Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit www.lucyd.co.

Forward Looking Statements

This press release contains certain forward-looking statements, including those relating to the anticipated use of proceeds from the offering, introduction of new product lines and timing of improvements and enhancements to our current products. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding the expected launch date for the new smart safety eyewear connection. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K under the caption "Risk Factors."

Investor Relations Contact:

Scott Powell
Skyline Corporate Communications Group, LLC
Office: +1 (646) 893-5835
Email: scott@skylineccg.com

¹ https://www.maximizemarketresearch.com/market-report/global-safety-eyewear-market/111306/

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SOURCE Innovative Eyewear, Inc.

FAQ

What new patent applications did Innovative Eyewear, Inc. file?

Innovative Eyewear, Inc. filed two new United States patent applications, a utility application for SMART EYEWEAR HAVING ACCESSIBLE TACTILE CONTROLS and a design application for SAFETY EYEWEAR.

What product is the new utility patent application directed towards?

The new utility patent application is directed towards the functional aspects of the Lucyd Armor smart safety glasses product.

What is the expected launch timeline for the Lucyd Armor smart safety glasses?

The Lucyd Armor smart safety glasses are planned to be introduced in mid-2024.

What is the purpose of the new design patent application?

The new design patent application is directed towards the ornamental design of the Lucyd Armor smart safety glasses product.

What is the estimated global market size for safety glasses?

Safety glasses represent an approximate $3bn global market, expected to grow to $4.18bn by 2030.